Central District is one of Seattle's oldest and largest neighborhoods. Located east of downtown, the Central District is a primarily residential area of about 3.5 square miles that is home to over 40,000 people.
As the neighborhood continues to grow so does its need for additional housing. According to a recent Apartment Development Report by Seattle-based Dupre + Scott Apartment Advisors, nearly 1,200 units are planned for the Central District market by 2017.
"IT'S A NEIGHBORHOOD THAT IS SEEING RENEWED INTEREST, ESPECIALLY ALONG THE 23RD AVENUE CORRIDOR AS GROWTH SPREADS EAST FROM THE CAPITAL HILL AND FIRST HILL MARKETS."
The Central District has been somewhat overlooked in the past, according to Jeremy Streufert, appraiser and consultant for Kidder Mathews' Valuation Advisory Services in Seattle, but it is now experiencing significant growth with a number of new projects planned for the area. "It's a neighborhood that is seeing renewed interest, especially along the 23rd Avenue corridor as growth spreads east from the Capital Hill and First Hill markets," said Streufert.
According to Findwell, a Seattle-based online real estate company that provides public searches, those looking to reside in this neighborhood are typically urban singles. These singles either have an up-and-coming income but higher-than-average living expenses, are pre-middle-age to middle-age with upper-scale incomes that may own a home, or are ranging in age from early twenties to mid-forties who are new to the city.
One of the new apartment developments in the neighborhood that was designed to appeal to these urban singles is Stencil, a four-story building with 39 boutique units and 2,600 square feet of retail space developed by Lake Union Partners.
Located on the corner of Union and 24th Avenue, Stencil is priced between $1,550 and $2,725. The units range from 443 to 917 square feet and provide options from studios to two-bedroom with two baths. Amenities include a rooftop deck with fire pit, as well as a private BBQ and outdoor kitchen. Its grand opening was scheduled for April 15, according to Buzz Buzz Homes, a New York-based website that provides information on homes in the Seattle area.
Another recently completed development in the neighborhood by Lake Union Partners is The Central, a 92-unit multifamily mixed-use building with 4,500 square feet of retail space located a block from Stencil on Union and 23rd Avenue.
East Union is a 144-unit project by Lake Union Partners that is anticipated to begin construction this summer. These three projects are scheduled to deliver a total of 275 units into the Central District market along East Union Avenue.